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Page 8 of 8
New Product Development
7. Long-term Planning
You need to adapt and innovate constantly to stay ahead of the competition.
7.1 Plan for new product development on a scheduled basis.
- Extend product life cycles by repackaging, adding new features and finding new applications for the product.
- Do not wait until competitors launch their 'next generation' product before starting on your own.
7.2 Budget for new product development.
- Put aside money to make improvements, and money for totally new products.
- Set targets, each year, for the number of improvements or new products you aim to complete.
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